- Petrol and diesel pump prices rose by about Rs 5 per litre, but oil companies still face large losses.
- Companies are losing about Rs 13 per litre on petrol and Rs 38 on diesel, excluding taxes.
- This is increasing pressure on states to reduce VAT, which is as high as 30% in some states.
- The Centre has already cut excise duty, consumers are paying more, and states may need to give up some revenue to help oil retailers stay financially viable.
Source: timesofindia.indiatimes.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "India"
- Delhi Police Busts Two Major GST Fraud Rackets, Eight Arrested for Fake Invoicing and Money Laundering
- GST 2.0 Reshapes India’s Premium Bike Market, Spurs Engine Downsizing and Strategic Shifts
- Maharashtra Cuts Aviation Fuel VAT, Easing Airline Costs Amid Iran War Disruptions
- Supreme Court Bars Uttar Pradesh from Levying VAT on Interstate Natural Gas Sales
- Are Liquidated Damages Under GST a Taxable Service or Mere Compensation for Breach?
